Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

 What: Shares of Applied Micro Circuits (NASDAQ:AMCC) jumped nearly 12% Tuesday following several positive analyst notes on the company.

So what: First, Canaccord's Matthew Ramsay initiated coverage on Applied Micro Circuits yesterday evening, giving the stock a buy rating and a $16 per share price target. Ramsay cited Applied Micro's first-to-market position with 64-bit ARM processors designed specifically for enterprise servers, which should result in particularly strong X-Gene chip sales over the near term as the competition strives to catch up.

In addition, Hans Mosesmann of Raymond James and Krishna Shankar of Roth Capital reiterated their respective strong buy and buy ratings for Applied Micro stock. Both analysts noted optimism surrounding the impending strength of Applied Micro's server offerings through its X-Gene efforts.

Now what: Applied Micro Circuits isn't profitable on a trailing 12-month basis, but shares look reasonably priced at about 18 times next fiscal year's estimated earnings -- especially considering that Applied Micro hopes to ride this momentum and double quarterly sales by the end of fiscal 2016. If that happens, it's safe to say patient investors would be happy they held on after today's pop.

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Steve Symington owns shares of Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.